April 30, 2020

Cheese Moves Higher as Class III Slips

 |  By: Know Your Market

Cheese continued its ascent today in the CME cash dairy product trade.  Cheddar blocks rose 1.75 cents to $1.20 and ¾ cent on 2 trades.  Barrels climbed 3 cents to $1.19/lb.  Butter also trekked 1.75 cents higher to $1.1975 on 7 trades.  Grade A nonfat milk lost half a cent to 80 cents/lb.  Dry whey inched a quarter cent lower to 39 and a quart center cent.   

Class III milk futures were softer despite higher prices in the cash product cheese trade.  May took the biggest loss, dropping 26 cents to $11.38.  June descended 20 cents to $12.43/cwt.  July milk slumped 21 to $13.61.  Second half 2020 average is at $15.12/cwt.

Class IV milk futures saw very little movement with the bids and offers so wide.  August fell 1 cent to $11.66.  June milk gained 2 cents to $12.24/cwt.  November milk also inched 1 penny lower to $12.94.  

The entire grain complex showed strength today.  Spot corn rallied 7 cents to $3.11 and a half cent.  December corn finished 3.75 cents higher to $3.37 and a quarter cent.  May soybeans soared 18.50 cents to $8.50 and a quarter cent.  May Chicago wheat leaped 10.25 cents to $5.29 and ¾ cents.  November soybeans jumped 13.50 cents to $8.57 and ¾ cent.  June live cattle rose $1.67 to $85.95/cwt.  May feeder cattle lost $1.45 to $117.10/cwt.  June crude oil launched a $4 gain to $19.06.